Legal Question in Credit and Debt Law in Nevada

My firm offers an initial consultation in which we help you to understand your options under these circumstances. Briefly, though, you can: 1) figure a way to continue the payments (does not sound practical for you); 2) put it on the market and hope for a "short sale" to get rid of it; 3) find a tenant who will pay rent that can, eventually, be applied to a purchase of the house; 4) seek a loan modification from the lender that will make it more affordable for you; 5) offer to sign a deed to the lender in lieu of foreclosure; or, 6) allow the home to go to foreclosure and walk away.

Each of these options has its own ups and downs, and every property owner's personal situation varies, so it is not sufficient to just say "walk away." You need to be aware of the possibilities of destroyed credit ratings, deficiency judgments being entered against you, and the possible need for bankruptcy as a final resort.

We would be happy to help you figure out the best alternative for you and provide guidance that will - hopefully - enable you to get out from under the property with the minimum damage to yourselves, long-term. Feel free to give us a call or email to set up an appointment.